<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 10 - K / A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DECEMBER 31, 1995
For the fiscal year ended...................................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from.............to...............
Commission file number......0-14553......
F & M BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)
WISCONSIN 39-1365327
............................. ......................................
(State of incorporation) (I.R.S. Employer Identification No.)
ONE BANK AVENUE, KAUKAUNA, WISCONSIN 54130
........................................ .................
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (414) 766-1717
..................
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: COMMON STOCK,
$1.00 PAR VALUE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
X
Yes................ No................
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
As of March 15, 1996, 5,955,108 shares of Common Stock were outstanding, and
the aggregate market value of the Common Stock (based upon the $26.75 closing
sale price on that date on the NASDAQ National Market System) held by
non-affiliates (excludes a total of 452,037 shares reported as beneficially
owned by directors and officers -- does not constitute an admission as to
affiliate status) was approximately $147.2 million.
DOCUMENTS INCORPORATED BY REFERENCE
PART OF FORM 10-K INTO WHICH
DOCUMENT PORTIONS OF DOCUMENTS ARE INCORPORATED
-------- --------------------------------------
Annual Report to Shareholders for the Parts I and II
year ended December 31, 1995
Proxy Statement for Annual Meeting of Part III
Shareholders on April 23, 1996
<PAGE> 2
Portion of Form 10-K amended:
Exhibit 99 Form 11-K for F&M Retirement and Savings Plan
* * * * *
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized.
F&M BANCORPORATION, INC.
Dated June 24, 1996 By: /s/ Daniel E. Voet
-----------------------------------------------------
Daniel E. Voet, Chief Financial Officer and Treasurer
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 11 - K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DECEMBER 31, 1995
For the fiscal year ended....................................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from..............to..............
Commission file number......0-14553...... [F&M Bancorporation, Inc.]
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
F&M BANCORPORATION, INC. RETIREMENT AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
F&M BANCORPORATION, INC.
ONE BANK AVENUE
KAUKAUNA, WI 54130
<PAGE> 2
F&M EMPLOYEES' RETIREMENT AND
SAVINGS PLAN AND TRUST
KAUKAUNA, WISCONSIN
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
YEARS ENDED DECEMBER 31, 1995 AND 1994
[Wipfli Ullrich Bertelson Logo]
<PAGE> 3
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Years Ended December 31, 1995 and 1994
________________________________________________________________________________
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Independent Auditor's Report 1 - 2
Financial Statements:
Statements of Net Assets Available for Benefits 3 - 4
Statements of Changes in Net Assets Available for Benefits 5 - 6
Notes to Financial Statements 7 - 12
Supplemental Schedules:
Schedule 1 - Item 27a - Schedule of Assets Held for Investment Purposes 13
Schedule 2 - Item 27d - Schedule of Reportable (5%) Transactions 14
</TABLE>
<PAGE> 4
-1-
[Wipfli Ullrich Bertelson Logo]
INDEPENDENT AUDITOR'S REPORT
Board of Trustees
F&M Employees' Retirement and
Savings Plan and Trust
Kaukauna, Wisconsin
We have audited the accompanying statements of net assets available for
benefits of F&M Employees' Retirement and Savings Plan and Trust as of December
31, 1995 and 1994, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
Except as discussed in the following paragraph, we conducted our audits in
accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
As permitted by 29 CFR 2520.103-8 of the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, investment assets held by First Bank N.A. and Smith
Barney Corporate Trust Company, the trustees of the Plan, and transactions in
those assets were excluded from the scope of our audit of the Plan's 1994
financial statements, except for comparing the information provided by the
trustees, which is summarized in Note 5, with the related information included
in the financial statements.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the Plan's financial statements as
of December 31, 1994. The form and content of the information included in the
1994 financial statements, other than that derived from the information
certified by the trustees, have been audited by us and, in our opinion, are
presented in compliance with the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1995, and the changes in net assets available for benefits for the
year then ended in conformity with generally accepted accounting principles.
<PAGE> 5
-2-
Our audit of the Plan's financial statements as of and for the year ended
December 31, 1995, was performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes and reportable transactions are presented
for the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied in the audit
of the basic financial statements for the year ended December 31, 1995 and, in
our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Wipfli Ullrich Bertelson
-------------------------------------
Certified Public Accountants
May 24, 1996
Appleton, Wisconsin
<PAGE> 6
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995
________________________________________________________________________________
<TABLE>
<CAPTION>
Smith Barney Corporate
------------------------------------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
--------------- --------------- ----------------
<S> <C> <C> <C>
Assets
Cash $ 1,850 $ -0- $ -0-
Contributions receivable:
Employer 130,210 108,053 145,003
Employee 3,318 3,598 5,248
Investments
2,540,758 1,696,850 2,922,848
Interest and dividends receivable 268 -0- -0-
------------- ------------- -------------
Total assets 2,676,404 1,808,501 3,073,099
------------- ------------- -------------
Liabilities
Benefit claims payable 12,617 -0- -0-
------------- ------------- -------------
Net assets available for benefits $ 2,663,787 $ 1,808,501 $ 3,073,099
============= ============= =============
</TABLE>
<PAGE> 7
-3-
<TABLE>
<CAPTION>
______________________________________________________________________________________
Trust Company
-------------------------------------
Small-Cap International Employer
Equity Equity Stock
Fund Fund Account Total
--------------- --------------- --------------- ---------------
<S> <C> <C> <C>
$ -0- $ -0- $ -0- $ 1,850
76,773 78,754 196,252 735,045
3,289 2,886 -0- 18,339
1,392,707 1,191,972 1,193,309 10,938,444
-0- -0- 26 294
--------------- --------------- --------------- ---------------
1,472,769 1,273,612 1,389,587 11,693,972
--------------- --------------- --------------- ---------------
-0- -0- -0- 12,617
--------------- --------------- --------------- ---------------
$ 1,472,769 $ 1,273,612 $ 1,389,587 $ 11,681,355
=============== =============== =============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1994
________________________________________________________________________________
<TABLE>
<CAPTION>
Smith Barney Corporate
------------------------------------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
--------------- --------------- ----------------
<S> <C> <C> <C>
Assets
Cash $ -0- $ -0- $ -0-
Contributions receivable:
Employer -0- 125,000 200,000
Employee 11,198 -0- -0-
Investments 974,115 4,008,671 1,999,507
Interest and dividends receivable 1,291 769 384
--------------- --------------- ---------------
Net assets available for benefits $ 986,604 $ 4,134,440 $ 2,199,891
=============== =============== ===============
</TABLE>
<PAGE> 9
-4-
________________________________________________________________________________
<TABLE>
<CAPTION>
Trust Company
-------------------------------------
Small-Cap International Employer First
Equity Equity Stock Bank N.A.
Fund Fund Account Funds Total
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
$ -0- $ -0- $ -0- $ 3 $ 3
45,000 40,000 97,062 -0- 507,062
-0- -0- -0- -0- 11,198
-0- -0- 915,322 350,446 8,248,061
-0- -0- 3 2,931 5,378
--------------- --------------- --------------- --------------- ---------------
$ 45,000 $ 40,000 $ 1,012,387 $ 353,380 $ 8,771,702
=============== =============== =============== =============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 10
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1995
________________________________________________________________________________
<TABLE>
<CAPTION>
Smith Barney Corporate
------------------------------------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
--------------- ---------------- ----------------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 130,210 $ 108,053 $ 145,003
Employee 92,343 89,771 144,155
Rollover 642 979 3,953
Interest and dividends 912 787 400
Net appreciation in fair value of
investments 178,343 295,748 536,258
Transfers from other funds 3,195,496 441,334 497,955
Transfers from mergers of plans 992,684 23,851 47,647
--------------- --------------- ---------------
Total additions
4,590,630 960,523 1,375,371
--------------- --------------- ---------------
Deductions:
Employee benefits and withdrawals 1,387,582 76,657 35,915
Trustee fees 9,361 10,408 16,529
Transfers to other funds 1,516,504 3,199,397 449,719
--------------- --------------- --------------
Total deductions 2,913,447 3,286,462 502,163
--------------- --------------- ---------------
Net additions (deductions) 1,677,183 (2,325,939) 873,208
Net assets available for benefits at
beginning 986,604 4,134,440 2,199,891
--------------- --------------- ---------------
Net assets available for benefits at end $ 2,663,787 $ 1,808,501 $ 3,073,099
=============== =============== ===============
</TABLE>
<PAGE> 11
-5-
________________________________________________________________________________
<TABLE>
<CAPTION>
Trust Company
-------------------------------------
Small-Cap International Employer First
Equity Equity Stock Bank N.A.
Fund Fund Account Funds Total
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
$ 76,773 $ 78,754 $ 196,252 $ -0- $ 735,045
85,263 81,331 -0- -0- 492,863
4,414 2,444 -0- -0- 12,432
5 6 29,420 -0- 31,530
245,156 70,704 183,028 -0- 1,509,237
1,029,057 1,087,926 -0- -0- 6,251,768
16,305 20,388 649,111 -0- 1,749,986
--------------- --------------- --------------- --------------- ---------------
1,456,973 1,341,553 1,057,811 -0- 10,782,861
--------------- --------------- --------------- --------------- ---------------
7,138 33,511 27,892 -0- 1,568,695
6,605 6,234 3,608 -0- 52,745
15,461 68,196 649,111 353,380 6,251,768
--------------- --------------- --------------- --------------- ---------------
29,204 107,941 680,611 353,380 7,873,208
--------------- --------------- --------------- --------------- ---------------
1,427,769 1,233,612 377,200 (353,380) 2,909,653
45,000 40,000 1,012,387 353,380 8,771,702
--------------- --------------- --------------- --------------- ---------------
$ 1,472,769 $ 1,273,612 $ 1,389,587 $ -0- $ 11,681,355
=============== =============== =============== =============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 12
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1994
________________________________________________________________________________
<TABLE>
<CAPTION>
Smith Barney Corporate
------------------------------------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
--------------- --------------- ----------------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ -0- $ 125,000 $ 200,000
Employee 11,198 -0- -0-
Rollover -0- -0- -0-
Interest and dividends 1,291 769 384
Net depreciation in fair value of
investments -0- -0- -0-
Transfers from other funds 183,514 4,008,671 1,999,507
Transfers from mergers of plans 790,601 -0- -0-
--------------- --------------- ---------------
Total additions 986,604 4,134,440 2,199,891
--------------- --------------- ---------------
Deductions:
Employee benefits and withdrawals -0- -0- -0-
Trustee fees -0- -0- -0-
Transfers to other funds -0- -0- -0-
--------------- --------------- ---------------
Total deductions -0- -0- -0-
--------------- --------------- ---------------
Net additions (deductions) 986,604 4,134,440 2,199,891
Net assets available for benefits at
beginning -0- -0- -0-
--------------- --------------- ---------------
Net assets available for benefits at end $ 986,604 $ 4,134,440 $ 2,199,891
=============== =============== ===============
</TABLE>
<PAGE> 13
-6-
________________________________________________________________________________
<TABLE>
<CAPTION>
Trust Company
-------------------------------------
Small-Cap International Employer First
Equity Equity Stock Bank N.A.
Fund Fund Account Funds Total
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
$ 45,000 $ 40,000 $ 97,062 $ -0- $ 507,062
-0- -0- -0- 290,350 301,548
-0- -0- -0- 6,860 6,860
-0- -0- 3 209,272 211,719
-0- -0- -0- (16,177) (16,177)
-0- -0- 915,322 80,081 7,187,095
-0- -0- -0- -0- 790,601
--------------- --------------- --------------- --------------- ---------------
45,000 40,000 1,012,387 570,386 8,988,708
--------------- --------------- --------------- --------------- ---------------
-0- -0- -0- 80,463 80,463
-0- -0- -0- 27,270 27,270
-0- -0- -0- 7,187,095 7,187,095
--------------- --------------- --------------- --------------- ---------------
-0- -0- -0- 7,294,828 7,294,828
--------------- --------------- --------------- --------------- ---------------
45,000 40,000 1,012,387 (6,724,442) 1,693,880
-0- -0- -0- 7,077,822 7,077,822
--------------- --------------- --------------- --------------- ---------------
$ 45,000 $ 40,000 $ 1,012,387 $ 353,380 $ 8,771,702
=============== =============== =============== =============== ===============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 14
-7-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
NOTES TO FINANCIAL STATEMENTS
________________________________________________________________________________
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting
The financial records of F&M Employees' Retirement and Savings Plan and Trust
(the "Plan") are maintained on the accrual basis of accounting in accordance
with generally accepted accounting principles.
Investment Valuation
Investments are stated at fair value. Common stocks including F&M
Bancorporation, Inc. common stock and government obligations are valued at the
last reported bid price. Mutual funds are carried at current value which
represents the quoted market values of the underlying investments. Guaranteed
interest contracts are stated at contract value which represents contributions,
plus interest, less administrative expenses. Short-term securities are carried
at cost which approximates fair value. For investments in securities which do
not have an established market, the trustees of the Plan establish a fair
value.
Unrealized appreciation or depreciation is reflected for the year in the
statement of changes in net assets available for benefits. Gains or losses on
security transactions are recorded as the difference between proceeds received
and the carrying value of the investments. Interest income is recognized on
the accrual method, and dividend income is recorded on the ex-dividend date.
Use of Estimates in Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted
accounting principles requires the plan administrator to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly,
actual results may differ from those estimates.
NOTE 2 - PLAN DESCRIPTION
The following description of F&M Employees' Retirement and Savings Plan and
Trust provides only general information. Participants should refer to the Plan
Agreement for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all full-time
employees of F&M Bancorporation, Inc. and its various subsidiaries who have
completed 1,000 hours within the plan year. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974. The Plan is
administered at the direction of a committee consisting of three individuals
appointed by the Board of Directors of F&M Bancorporation, Inc.
<PAGE> 15
-8-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
NOTES TO FINANCIAL STATEMENTS
________________________________________________________________________________
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Employer Contribution
The employer's annual contribution is discretionary and is determined by the
Board of Directors of F&M Bancorporation, Inc.
Employee Contributions
Participants may elect to have a portion of their annual compensation
contributed on their behalf. Amounts contributed are deducted from gross wages
for each payroll period and deposited with the trustees.
Employer Matching
The employer makes a discretionary matching contribution based on employee
salary deferral contributions up to the first 6% of employee compensation.
Participant Accounts
Each participant's account is credited with the contributions which are defined
above, plan earnings (allocated based on adjusted beginning of year account
balances), and forfeitures of terminated participants' nonvested accounts.
Participants may borrow from their fund accounts a minimum of $1,000 to a
maximum equal to the lesser of $50,000 or 50% of their vested account balance.
Loan terms range from one to five years. The loans are secured by the balance
in the participant's account and bear interest at a rate commensurate with
similar length loans made by the trustees. Principal and interest are paid
ratably. Whenever possible, repayment will be through monthly payroll
deductions.
The Plan allows participants to select their investment options from one or
more of the following five funds:
Smith Barney Corporate Trust Company Funds:
GIC Income Fund - Invested primarily in contracts (including guaranteed
investment contracts [GICs], alternative synthetic GIC contracts, bank
investment contracts [BICs]) issued by high-quality companies and banks, and
in cash equivalents.
Defensive Balanced Fund - Invested primarily in long-term bonds, cash
equivalents, and equity investments.
<PAGE> 16
-9-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
NOTES TO FINANCIAL STATEMENTS
________________________________________________________________________________
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Flexible Growth Balanced Fund - Invested primarily in a diversified
portfolio of growth stocks, bonds with varying maturities up to 30 years,
and cash equivalents.
Small-Cap Equity Fund - Invested primarily in growth stocks of companies of
varying size and in cash equivalents.
International Equity Fund - Invested primarily in a diversified portfolio of
international equities as evidenced by American Depository Receipts (ADRs).
ADRs trade as U.S. share equivalents backed by specific shares of the
underlying foreign security.
Employer Stock Account:
The employer's matching contributions are deposited into the employer stock
account. These funds are then used to purchase F&M Bancorporation, Inc.
common stock. This account also carries some balances in interest-bearing
mutual funds.
On December 30, 1994, a majority of assets were transferred from First Bank
N.A. to Smith Barney Corporate Trust Company. As a result, assets were
invested in the Smith Barney Corporate Trust Company Reserve Deposit Account,
within the individual funds noted above, until the first week of 1995 when the
assets were invested in mutual funds following the investment objectives as
stated above. The remaining funds at First Bank N.A. were transferred to Smith
Barney Corporate Trust Company on January 5, 1995.
Vesting
The employer discretionary contribution portion of each participant's account
balance becomes 100% vested after five years of credited service. The
employees' salary deferral contribution and the employer matching contribution
portion of each participant's account balance is 100% vested immediately.
Plan Benefits
Plan benefits are available at normal retirement (age 63), deferred retirement,
early withdrawal, disability retirement, death, or termination of employment
with vested interests.
Participants may elect to receive benefit payments in the form of a lump-sum
distribution or in installments.
Plan Expenses
Investment advisory fees charged by the trustees are paid out of plan assets.
Administrative expenses and fidelity insurance premiums are paid by F&M
Bancorporation, Inc., the Plan's sponsor.
<PAGE> 17
-10-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
NOTES TO FINANCIAL STATEMENTS
________________________________________________________________________________
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Plan Termination
The employer intends to continue the Plan indefinitely; however, the employer
reserves the right to terminate the Plan at any time. In the event of
termination, all amounts credited to participants' accounts will be distributed
to participants in accordance with the Plan's provisions.
NOTE 3 - INVESTMENTS
A summary of investments at December 31 follows:
<TABLE>
<CAPTION>
Investments at Fair Value as
Determined by Quoted Market Price 1995 1994
--------------------------------- ---- ----
<S> <C> <C>
Common stock $ 1,184,950 $ 898,568
Insurance contracts 120,251 195,135
Mutual funds 9,631,243 7,154,358
------------ -------------
Totals $ 10,936,444 $ 8,248,061
------------ -------------
</TABLE>
<TABLE>
<CAPTION>
Investments at Cost
Which Approximate Fair Value
----------------------------
<S> <C> <C>
Participant loans $ 2,000 $ -0-
--------------- ---------------
Total investments $ 10,938,444 $ 8,248,061
=============== ===============
</TABLE>
During 1995 and 1994, the Plan's investments (including investments bought or
sold during the year as well as those held at year-end) appreciated $1,509,237
and depreciated $16,177, respectively, as follows:
Net Appreciation (Depreciation) in Fair Value
<TABLE>
<CAPTION>
Investments at Fair Value as
Determined by Quoted Market Price 1995 1994
--------------------------------- ---- ----
<S> <C> <C>
Common stock $ 183,028 $ 93,116
Mutual funds 1,326,209 (109,293)
------------ -----------
Net appreciation (depreciation) $ 1,509,237 $ (16,177)
============ ===========
</TABLE>
<PAGE> 18
-11-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
NOTES TO FINANCIAL STATEMENTS
________________________________________________________________________________
NOTE 3 - INVESTMENTS (CONTINUED)
The following is a schedule of investments as of December 31, 1995 and 1994,
that individually represent 5% or more of the Plan's net assets:
<TABLE>
<CAPTION>
1995 1994
----------------------------- -----------------------------
Asset Percent of Asset Percent of
Fair Value Net Assets Fair Value Net Assets
------------- ------------- -------------- ------------
<S> <C> <C> <C> <C>
Smith Barney Corporate
Trust Company:
GIC Income Fund $ 1,603,558 13.7 $ -0- 0.0
Defensive Balance Fund 1,696,450 14.5 -0- 0.0
Flexible Growth Balanced Fund 2,922,448 25.0 -0- 0.0
Small-Cap Equity Fund 1,392,707 11.9 -0- 0.0
International Equity Fund 1,191,572 10.2 -0- 0.0
Reserve Deposit Account 824,508 7.1 6,999,047 79.8
F&M Bancorporation, Inc.
Common Stock 1,184,950 10.1 898,568 10.2
</TABLE>
The Reserve Deposit Account represents funds allocated to specific investment
categories which have not yet been used to purchase mutual fund shares.
NOTE 4 - TRANSACTIONS WITH PARTIES-IN-INTEREST
F&M Bancorporation, Inc. and its subsidiaries serve as sponsors of the Plan.
The Plan had the following transactions with these parties-in- interest:
1995
- Received 5,100 shares of F&M Bancorporation, Inc. common stock valued at
$113,238 as a matching contribution.
- Recognized dividend income totaling $26,687 from F&M Bancorporation, Inc.
common stock.
1994
- Received 2,092 shares of F&M Bancorporation, Inc. common stock valued at
$41,317 as a matching contribution.
- Recognized dividend income totaling $18,880 from F&M Bancorporation, Inc.
common stock.
<PAGE> 19
-12-
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
________________________________________________________________________________
NOTES TO FINANCIAL STATEMENTS
________________________________________________________________________________
NOTE 5 - INFORMATION CERTIFIED BY PLAN TRUSTEES
For 1994, information included in the accompanying financial statements
relating to investments and income derived therefrom was prepared or derived
from information prepared by First Bank N.A. and Smith Barney Corporate Trust
Company, the trustees of the Plan, and furnished to the plan administrator.
The plan administrator has obtained a certification from the trustees that such
information is complete and accurate.
NOTE 6 - RECONCILIATION TO FORM 5500
For 1995 and 1994, there are account classification differences between these
accompanying financial statements and Items 31 and 32 of Form 5500, which were
prepared by the trustees. These financial statements balance in total with the
Form 5500.
NOTE 7 - TAX-EXEMPT STATUS OF THE PLAN
On March 6, 1995, the Internal Revenue Service declared that the Plan is
qualified pursuant to Section 401 of the Internal Revenue Code. Plan
management believes any amendments and events since the effective date of the
last Internal Revenue Service determination letter do not affect the qualified
status of the Plan. Accordingly, the Plan is exempt from federal and state
income taxes under current provisions of their respective laws.
<PAGE> 20
S U P P L E M E N T A L S C H E D U L E S
<PAGE> 21
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
Plan's EIN #39-1365327 Plan #002
________________________________________________________________________________
SCHEDULE 1 - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1995
________________________________________________________________________________
<TABLE>
<CAPTION>
Identity of Issue, Borrower, Description of Investment Including Maturity Date,
Lessor, or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------- -----------------------------------------------------
<S> <C>
Smith Barney Corporate Trust Company 129,795 units - GIC Income Fund
Smith Barney Corporate Trust Company 51,551 units - Defensive Balanced Fund
Smith Barney Corporate Trust Company 55,887 units - Flexible Growth Balanced Fund
Smith Barney Corporate Trust Company 18,619 units - Small-Cap Equity Fund
Smith Barney Corporate Trust Company 114,279 units - International Equity Fund
Smith Barney Corporate Trust Company 824,508 units - Reserve Deposit Account
F&M Bancorporation, Inc. 45,575 shares - Common Stock
Travelers Insurance Company 120,251 units - Annuity Contract
Participant loans
</TABLE>
<PAGE> 22
-13-
________________________________________________________________________________
Cost Current Value
-------------- --------------
$ 1,515,892 $ 1,603,558
1,424,315 1,696,450
2,396,407 2,922,448
1,151,399 1,392,707
1,122,220 1,191,572
824,508 824,508
755,331 1,184,950
120,251 120,251
2,000 2,000
-------------- ---------------
$ 9,312,323 $ 10,938,444
============== ===============
See Independent Auditor's Report.
<PAGE> 23
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
Plan's EIN #39-1365327 Plan #002
________________________________________________________________________________
SCHEDULE 2 - ITEM 27d - SCHEDULE OF REPORTABLE (5%) TRANSACTIONS
Year Ended December 31, 1995
________________________________________________________________________________
<TABLE>
<CAPTION>
Identity of Purchase
Party Involved Description of Asset Price
- -------------- ----------------------------------------------------------- --------------
<S> <C> <C>
Smith Barney Corporate
Trust Company 350,917 units - GIC Income Fund $
4,094,055
Smith Barney Corporate
Trust Company 221,122 units - GIC Income Fund N/A
Smith Barney Corporate
Trust Company 174,630 units - Defensive Balanced Fund 4,683,386
Smith Barney Corporate
Trust Company 123,079 units - Defensive Balanced Fund N/A
Smith Barney Corporate
Trust Company 67,696 units - Flexible Growth Balanced Fund 2,880,720
Smith Barney Corporate
Trust Company 11,809 units - Flexible Growth Balanced Fund N/A
Smith Barney Corporate
Trust Company 18,987 units - Small-Cap Equity Fund 1,173,686
Smith Barney Corporate
Trust Company 124,654 units - International Equity Fund 1,224,062
Smith Barney Corporate
Trust Company 1,937,676 units - Reserve Deposit Account 1,937,676
Smith Barney Corporate
Trust Company 8,112,215 units - Reserve Deposit Account N/A
</TABLE>
<PAGE> 24
-14-
________________________________________________________________________________
<TABLE>
<CAPTION>
Expense Current Value
Incurred of Asset on
Selling Lease With Cost Transaction
Price Rental Transaction of Asset Date Net Gain
-------------- ----------- ----------- -------------- --------------- ------------
<S> <C> <C> <C> <C> <C>
$ N/A $ N/A $ -0- $ 4,094,055 $ 4,094,055 $ N/A
2,651,059 N/A -0- 2,578,163 2,651,059 72,896
N/A N/A -0- 4,683,386 4,683,386 N/A
3,282,684 N/A -0- 3,259,071 3,282,684 23,613
N/A N/A -0- 2,880,720 2,880,720 N/A
494,530 N/A -0- 484,313 494,530 10,217
N/A N/A -0- 1,173,686 1,173,686 N/A
N/A N/A -0- 1,224,062 1,224,062 N/A
N/A N/A -0- 1,937,676 1,937,676 N/A
8,112,215 N/A -0- 8,112,215 8,112,215 N/A
</TABLE>
See Independent Auditor's Report.
<PAGE> 25
[WIPFLI ULLRICH BERTELSON CPAs LETTERHEAD]
Exhibit A
INDEPENDENT ACCOUNTANTS' CONSENT
We consent to incorporation by reference in F&M Bancorporation Inc.'s
Registration Statement on Form S-8 (Registration No. 333-01937) of our reports
dated May 24, 1996, related to the consolidated financial statements of the F&M
Employees' Retirement and Savings Plan and Trust (the "Plan") as of December
31, 1995 and 1994, and the related supplemental schedules, which reports appear
in the December 31, 1995, Annual Report on Form 11-K of the Plan, which is
filed as Exhibit 99 to F&M Bancorporation, Inc.'s Annual Report on Form 10-K
for the year ended December 31, 1995.
/s/ Wipfli Ullrich Bertelson
-------------------------------------
Certified Public Accountants
Appleton, Wisconsin
June 19, 1996
